How To Transfer PayPal Money To Maybank And Other Local Bank In Malaysia Experience

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Today I would like to share on How To Transfer PayPal Money To Maybank and Other Local Bank in Malaysia based on my personal experience. I believe everyone would like to cash out their US dollar currency to Malaysian Ringgit if you have earn some oversea advertorial income. Below is the steps to transfer your Paypal balance to Maybank or other local bank in Malaysia.
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Step 1 - Logon to www.paypal.com
Step 2 - Click Profile > Add/Edit Bank Account
Step 3 - Check your Bank Name and MEPS Bank Routing Code local Bank.

MEPS Bank Routing Code

Bank NameMEPS Bank Routing Code
AFFIN BANK BERHADPHBMMYKL
ALLIANCE BANK MALAYSIA BERHADMFBBMYKL
AMBANK BERHADARBKMYKL
BANK ISLAM MALAYSIA BERHADBIMBMYKL
BANK KERJASAMA RAKYAT BERHADBKRMMYK1
BANK MUAMALAT BERHADBMMBMYKL
BANK OF AMERICABOFAMY2X
BANK SIMPANAN NASIONALBSNAMYK1
CIMB BANK BERHADCIBBMYKL
CITIBANK BERHADCITIMYKL
DEUSTCHE BANKDEUTMYKL
EON BANK BERHADEOBBMYKL
HONG LEONG BANK BERHADHLBBMYKL
HSBC BANK MALAYSIA BERHADHBMBMYKL
MALAYAN BANKING BERHADMBBEMYKL
OCBC BANK (M) BERHADOCBCMYKL
PUBLIC BANK BERHADPBBEMYKL
RHB BANK BERHADRHBBMYKL
STANDARD CHARTERED BANK MSIA BHDSCBLMYKX
THE ROYAL BANK OF SCOTLAND BERHAD (RBS)ABNAMYKL
UNITED OVERSEAS BANKUOVBMYKL

Step 4 - Key in all the necessary details after you found your MEPS Bank Routing Code with your Bank Name. (I use MALAYAN BANKING BERHAD as my Bank Name and MBBEMYKL as my MEPS Bank Routing Code) > Continue
Step 5 - Review the details for your bank account in Malaysia > Save
Step 6 - You will see your local bank account stored in your profile. (Continue to add another bank if to wish to add another one and repeat Step 2)
Step 7 - Click Withdraw tab and Withdraw to your bank account link. (Please take note that the processing time for Banks in Malaysia take up to 2-3 Business Days and the cost is FREE if If RM400.00 MYR or more is withdrawn and RM3.00 MYR will be chraged if less than RM400.00 MYR is withdrawn)
Step 8 - Select the currency converter link to check whether it is worth to withdraw or not since the exchange rate is different everyday before you key in the money that you would like to withdraw in the withdraw funds tab.
Step 9 - Review your withdraw information and select Submit once you confirmed.
Step 10 - Congratulation that you're done as you will see your withdrawal request is in the process page as below.

**Please take note that Paypal charge a fee if the funds are returned because your bank information is incorrect or does not match and must meet the minimum withdrawal amount as below.

Minimum Withdrawal Amounts

Minimum Withdrawal Amounts
Currency BalanceMinimum Amount
Malaysian RinggitRM40.00 MYR
Australian Dollars$15.00 AUD
British Pounds£6.00 GBP
Canadian Dollars$15.00 CAD
Czech Koruny240.00 CZK
Danish Kroner60.00 DKK
Euros€10.00 EUR
Hong Kong Dollars$80.00 HKD
Hungarian Forints2,100 HUF
Israeli New Shekels₪40.00 ILS
Japanese Yen¥200 JPY
Mexican Pesos$110.00 MXN
New Taiwan DollarsNT$330 TWD
New Zealand Dollars$15.00 NZD
Norwegian Kroner65.00 NOK
Philippine PesosP500.00 PHP
Polish Zlotys30.00 PLN
Russian Rubles0.20 RUB
Singapore Dollars$15.00 SGD
Swedish Kronor80.00 SEK
Swiss Francs13.00 CHF
Thai Baht฿360.00 THB
U.S. Dollars$10.00 USD
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Well, I did check the exchange rate for that time is 1 USD = 4.12141 MYR based on XE currency converter website as below.
However, Paypal conversion rate is only 1 USD = 4.02903 MYR as I just get RM657.90 for the $163.29 US dollar that I have in my Paypal account. It means that I had lost about RM15 if based on the exchanged rate on XE as it should be RM672.98. Anyways, I still need to wait 2 to 3 days to get the PayPal money transfer to my local Maybank account as below.

On the other hand, I just feel that Paypal transaction fee is quite expensive for me if you saw my earning post yesterday. I remember last time you can play a "tricks" as you just ask your merchant put the payment as a "gift/donation" and Paypal won't charge any transaction fee for it. Here is the update for the Paypal balance that I requested as I receive an email from them upon request as below.
*Updates* It seems that the transfer only require about 1 day as I requested yesterday instead of 2~3 business days as I receive the money tomorrow as below.
Apparently Malaysian currency is dropping and I do felt a little regret for selling $88 USD in my Paypal previously. Anyways, if you're selling item locally with you e-commerce website, you can consider local payment gateway solutions in Malaysia to do your online transaction because it is much cheaper. I hope this guide can help you cash out your Paypal balance to your local bank in Malaysia from my sharing.
=)